Automatic payments and deposits have been facilitated by financial institutions, entities, payees, and employers for the convenience of all involved. Another benefit for financial service providers is that by facilitating automatic payments and deposits they increase the number of interactions with their customers. The increased interaction between the financial institution and its customers creates a dependent relationship, at least in part, because setting up automatic payments and automatic deposits is time consuming and difficult to change. Accordingly, many customers and patrons are deterred from changing financial institutions because of the difficulty in changing automated services, such as direct deposit or bill payments. Additionally, financial institutions that provide superior customer service or the like may experience difficulty in attracting new customers because many of the customers already have existing automatic services, such as direct deposit or bill payments, with financial institutions that may provide inferior customer service or the like.
The disclosure relates generally to automatic financial services and relates more particularly, but not necessarily entirely, to a system for automating the switching of automatic financial services from a first institution to a second institution with minimal user input.
The features and advantages of the disclosure will be set forth in the description which follows, and in part will be apparent from the description, or may be learned by the practice of the disclosure without undue experimentation. The features and advantages of the disclosure may be realized and obtained by means of computing systems, networks, and combinations of firmware, software and hardware, particularly disclosed and enumerated in the appended claims.